Rate extended its recovery off Wednesday's....>

CABLE: Rate extended its recovery off Wednesday's poll related opening low of

$1.3108 to a high of $1.3214(just off Tuesday's high of $1.3215), the move aided

by positioning ahead of today's UK election (despite recent narrowing in the

polls the Conservatives remain firm favourites to win with a working majority)

as well as general pressure on the USD following the FOMC announcement and

dovish comments from Fed's Powell. Cable eased to $1.3191 into the close. Asia

continued to apply pressure on the USD which allowed cable to extend further to

$1.3229 before it lost momentum(profit taking). Rate drifted off to $1.3206, but

as we have seen this week, Europe opens with a bid tone for sterling, taking

rate back to $1.3223. No polling allowed during the election, market awaiting

exit polls, which will be released after balloting closes at 2200GMT.

Suggestions that a Conservative win, with a working majority, could propel cable

to $1.35/1.36 but expect some headwind resistance from profit taking. A hung

parliament will place pressure back on the pound with potential for a move back

toward $1.28.